Financial Highwayhttp://financialhighway.com
Financial HighwayMon, 01 Dec 2014 10:00:39 +0000en-UShourly1http://wordpress.org/?v=3.9.3http://financialhighway.com/wp-content/themes/thesis_184/custom/images/logo.jpgFinancial Highwayhttp://financialhighway.com
http://financialhighway.com/getting-charitable-donations/Getting the most from your charitable donationshttp://feedproxy.google.com/~r/financialhighway/ray/~3/FxiIFlRVcAA/
http://feeds.financialhighway.com/~/79957048/_/financialhighway/ray~Getting-the-most-from-your-charitable-donations/#commentsMon, 01 Dec 2014 10:00:39 +0000http://financialhighway.com/?p=49127Canadians are known to be generous when it comes to charity, 84% gave last year according to a recent BMO poll. Giving means you are helping a worthy cause and you can receive a tax receipt for your donation for tax savings. Though recent studies show Canadians don’t donate to charities to benefit from the […]

]]>
]]>
Canadians are known to be generous when it comes to charity, 84% gave last year according to a recent BMO poll. Giving means you are helping a worthy cause and you can receive a tax receipt for your donation for tax savings. Though recent studies show Canadians don’t donate to charities to benefit from the receipt, reaping some tax savings can help your budget.

Nearly one-quarter of Canadians said they would be more inclined to donate to charity if it was more convenient. A Canadian company may have come up with the solution for making it easy to donate by empowering your small change to make a big difference.

ChangeIt allows users to round up every day purchases and direct the money to their charities of choice. Using the online application, users can control the charities they donate to, how much is donated every month and set a monthly maximum. You can choose any of the charities registered across Canada up to a maximum of five charities at one time. And if your budget gets tight, you can turn off ChangeIt until you are ready to start donating again.

Unlike dropping your loose change in the donation box or being asked at the checkout to make a donation to a charity, every cent donated through ChangeIt is tracked. This means that you’ll receive a tax receipt for every penny you give. And the small amounts on every day transactions may not seem like much but it can add up.

For example, if you spend $2.65 on a coffee and pay for it with a credit card, 35 cents will automatically be rounded up by ChangeIt for the donation. Not that I would recommend spending $2.65 every day on coffee but if you did from Monday through Friday for an entire year, that coffee would add up to $91 a year in donations ($0.35 x 5 x 52). This large sum is easier to give in small increments providing the ability to balance giving without intruding on an existing budget.

ChangeIt is available to a select number of credit unions in Western Canada and recently launched nationally with BMO – the first of the major banks to sign on.

As the holiday season approaches with the promise of stretching your budget, you may want to take advantage of an easy way to make charitable donations just by paying for your everyday transactions. It’ll help charities tremendously, and it’ll save you some taxes when you file your return. With ChangeIt, your small change can make a big difference. For more information, visit https://changeit.com.

]]>http://feeds.financialhighway.com/~/79957048/_/financialhighway/ray~Getting-the-most-from-your-charitable-donations/feed/0http://feeds.financialhighway.com/~/79957048/_/financialhighway/ray~Getting-the-most-from-your-charitable-donations/http://financialhighway.com/used-credit-cards-loyalty-rewards-save-50-last-vacation/How I Used Credit Cards and Loyalty Rewards to Save More than 50% on My Last Vacationhttp://feedproxy.google.com/~r/financialhighway/ray/~3/OcbrKxnSOdw/
http://feeds.financialhighway.com/~/77999457/_/financialhighway/ray~How-I-Used-Credit-Cards-and-Loyalty-Rewards-to-Save-More-than-on-My-Last-Vacation/#commentsMon, 03 Nov 2014 10:00:34 +0000http://financialhighway.com/?p=35351I’m not much of a penny pincher. When it comes to the grand scheme of things, I’m more interested in enjoying myself, and getting the best bang for my buck than in getting something as cheaply as possible. But that doesn’t mean I don’t go for value — and it doesn’t mean that I won’t […]

]]>
]]>
I’m not much of a penny pincher. When it comes to the grand scheme of things, I’m more interested in enjoying myself, and getting the best bang for my buck than in getting something as cheaply as possible. But that doesn’t mean I don’t go for value — and it doesn’t mean that I won’t use resources to my advantage.

When my son and I went to San Diego for his spring break, I saved more than 50% by utilizing the credit card rewards and loyalty program rewards I had accumulated. A week-long trip that should have cost more than $2,000 instead cost around $1,000. My son and I got to do everything we wanted, and enjoy high quality experiences.

Credit Card Rewards

First of all, I looked at my credit card rewards. Turns out that I had enough for a round-trip plane ticket. So, right there, instead of buying two plane tickets, we only had to buy one plane ticket. I also had credit card rewards that allowed me a restaurant gift card, so we had a free meal, and there was some cash back involved, since I made all of the booking arrangements with a cash back card. With the cash back (it happened to be a higher percentage because of the rotating category), I saw another effective discount on my trip.

Using credit card rewards can be a great way to improve your finances, no matter. I like to maximize my credit card rewards by using credit cards to pay for many of purchases and then paying off the balance. It doesn’t do much good if you pay a high rate of interest and offset all of your rewards. Do what you can to build up credit card rewards that work best for you, and then use them when you go on vacation, or for some other purpose.

You can also make use of the perks offered by credit cards. Since I used a credit card with rental car insurance to make my reservation, I didn’t need to buy the insurance, and that saved me each day. On top of that, my credit card issuer had a special rate with the car rental company. The agent was surprised at how low my rate was. Look at your credit card’s member benefits to save on such items as travel insurance, and to get special discounts.

Loyalty Rewards

You can also use loyalty rewards along with your credit card rewards. One of the best ways to do this is to get a credit card that is connected to a brand that you use frequently. I recently got a miles card associated with an airline I use frequently. This allows me to build up points at a faster rate, and use my rewards more effectively.

However, even if you don’t have a credit card associated with a loyalty program, you can still benefit. I got two of my nights free in a hotel since I used my earned loyalty points. On top of that, I received a discount on the other nights in the hotel because of a different loyalty program through Orbitz, the travel aggregator I use most frequently. By combining my free nights with my discounted nights (not to mention the lower starting price because of the aggregator) I saved more than 50% on my lodging.

Other Discounts

Another way I saved was through a promotional credit on a prepaid card. I ended up with free money that I used for most of my meals. This was a great way to eat, without the need for me to spend my own money. I also looked for other discounts. Before you do anything, it makes sense to look for a discount. We got a free admission to LEGOland, and discounts on whale watching. All of our activities came with discounts. I often sign up for LivingSocial or Groupon in a target city about two months ahead of a trip, just to see what is offered. Then I can remove those settings after the trip.

My husband was surprised at the amount of stuff we were able to do, and the comfort in which we traveled, for the price. It just goes to show that with the right planning, it’s possible to save a great deal of money on your next vacation.

]]>http://feeds.financialhighway.com/~/77999457/_/financialhighway/ray~How-I-Used-Credit-Cards-and-Loyalty-Rewards-to-Save-More-than-on-My-Last-Vacation/feed/0http://feeds.financialhighway.com/~/77999457/_/financialhighway/ray~How-I-Used-Credit-Cards-and-Loyalty-Rewards-to-Save-More-than-on-My-Last-Vacation/http://financialhighway.com/5-tips-discussing-money-life-partner/5 Tips for Discussing Money with Your Life Partnerhttp://feedproxy.google.com/~r/financialhighway/ray/~3/uYsqyNECmqs/
http://feeds.financialhighway.com/~/77464456/_/financialhighway/ray~Tips-for-Discussing-Money-with-Your-Life-Partner/#commentsMon, 27 Oct 2014 10:00:18 +0000http://financialhighway.com/?p=48711We’re always told that money should be something that is regarded without emotion. When we make decisions about money, we are supposed to be rational so that we don’t make poor choices. Unfortunately, money stirs strong emotions in us. It’s very difficult to leave emotion out of it entirely. This seems even more apparent when […]

]]>
]]>
We’re always told that money should be something that is regarded without emotion. When we make decisions about money, we are supposed to be rational so that we don’t make poor choices.

Unfortunately, money stirs strong emotions in us. It’s very difficult to leave emotion out of it entirely. This seems even more apparent when you are discussing money with your life partner. Both of you might be passionate about what you want done with the money, or you might be both resentful of the financial situation you find yourselves in.

As you get ready to discuss money with your life partner, it’s important to take a step back. Here are 5 tips that can help you as you have money discussions with your partner:

1. Make it Regular

One of the best things you can do is sit down to have regular discussions about money. Many couples only talk about money when there’s a problem. As a result, the whole money discussion is inherently negative. Not only that, but when you’re already in crisis mode, it’s hard to have a calm discussion about finances.

Set a regular time to talk about money. This can be once a week, once every other week, or once a month. Some couples talk about money every quarter, but many experts say that it’s best to talk about money at least once a month.

Get in the habit of having regular discussions about the situation, what you are doing with the money, and what you want to do with the money. If you establish money discussions as routine, they are less stressful. Plus, the regular look at your finances as a couple means that you can often catch issues before they get out of control.

2. Create the Best Possible Conditions

We’re all a little more difficult to talk to when we are tired or hungry. It’s easier to get upset when you are stressed, or angry about something else. Make it a point to create the best possible conditions for your money discussions. Since you know when they will be happening, you and your partner should each plan to come to the talk well-rested and well-fed. If one of you has had a stressful day, perhaps push the appointment back an hour or two so that you both have time to unwind a bit and relax a little. Try to address finances when you are both in a good mood.

3. Try to Understand the Other Point of View

My husband and I have different spending priorities. As a result, it can be difficult for him to understand why I want to spend money on a weekend getaway, and I have a hard time grasping how important it is for him to buy an expensive built-to-scale figure of Batman. I love Batman, but I don’t need a visual reminder of how awesome he is.

Try to take a step back and understand where your partner is coming from, and acknowledge that you don’t always have the same idea of how to spend money. Remember that your partner’s spending priorities probably aren’t wrong — they’re just different. If you can both come from a place of understanding, your money discussions will likely be more productive.

4. Focus on Shared Goals

When my husband starts getting heated about our different priorities, we break off that line of discussion and return to shared goals. We have some deeply shared values, and we both agree that certain financial moves, such as saving for retirement and doing what we can for our son’s college, are important. When the differences threaten to overwhelm us, we switch gears to the more important, long-term, shared goals. After reminding ourselves of what we have in common, it’s easier to work on compromises for our differences.

5. Involve a Trusted Mediator if Necessary

In some cases, you might need a trusted mediator to help you facilitate your conversation. While it might be uncomfortable, consider talking to a spiritual leader, or seeing a financial planner. An outside person can often help you keep things civil, as well as help you focus your attention on items that need the most attention. A third party can also help you break the ice and figure out where to go next.

]]>http://feeds.financialhighway.com/~/77464456/_/financialhighway/ray~Tips-for-Discussing-Money-with-Your-Life-Partner/feed/0http://feeds.financialhighway.com/~/77464456/_/financialhighway/ray~Tips-for-Discussing-Money-with-Your-Life-Partner/http://financialhighway.com/5-tips-improving-credit-making-big-mistake/5 Tips for Improving Your Credit After Making a Big Mistakehttp://feedproxy.google.com/~r/financialhighway/ray/~3/mdd_G66FsOk/
http://feeds.financialhighway.com/~/76993072/_/financialhighway/ray~Tips-for-Improving-Your-Credit-After-Making-a-Big-Mistake/#commentsMon, 20 Oct 2014 11:00:21 +0000http://financialhighway.com/?p=38607Most of us have made mistakes with our money. But what happens when you make a big, credit-destroying mistake? And it doesn’t even have to be a massive mistake like those that result in foreclosure or bankruptcy. Simply overlooking a utility bill when you move, or canceling a gym membership improperly, can result in a […]

]]>
]]>
Most of us have made mistakes with our money. But what happens when you make a big, credit-destroying mistake? And it doesn’t even have to be a massive mistake like those that result in foreclosure or bankruptcy. Simply overlooking a utility bill when you move, or canceling a gym membership improperly, can result in a huge credit score drop.

On top of that, a lot of little problems can add up to one big mistake if you aren’t careful. It can be discouraging to make these mistakes and then watch your financial life fall apart. The good news is that your credit doesn’t have to stay like that. Here are 5 ways to improve your credit after making a big mistake:

1. Make All Your Payments On Time

If part of your problem has been missed and late payments, the best thing you can do to start improving your credit score is to make your payments on time and in full. Create a list of all of your obligations and bills. Make sure you know when all of them are due, and pay on time. This includes non-credit bills, since missing them can result in your account being sent to collections and costing you big time down the road.

Once you have a schedule in place, you can see when everything is due, and get in the habit of making payments regularly. This will go a long way toward helping you improve your credit. If you are having trouble, talk to your creditors and see if you can work out a payment plan that works better for you. Communication is key.

2. Look for Additional Income

Your income isn’t reported on your credit report, and it doesn’t affect your credit score. However, if you find yourself pinched for the cash you need to make all your payments on time and in full, it can be a good idea to look for additional sources of income. Income diversity not only helps you now, but it can also protect you in the future, by keeping you from being completely dependent on your day job.

You can also cut costs, but realize that there is only so far you can cut expenses before you run out of things to axe from your budget. Cultivating additional income can help.

3. Rebuild with the Help of a Secured Credit Card

If your big money mistake has made it difficult for you to get loans, and your payment plans with creditors mean that you can’t get an unsecured credit card, you might need to rebuild in another way. A secured credit card can help you improve the situation. You will have to provide a deposit, but, in the end, you have credit, and you can start rebuilding. Make sure that you use the card within your budget, and you pay off the balance — on time — each month.

Don’t make a lot of purchases with this card. The idea is simply to re-establish your credit situation. Make a couple purchases a month, show you are responsible. After a few months, you can ask to have the card converted to an unsecured card, and your credit will be a little closer to being rebuilt.

4. Live Within Your Means

At this point, you need to be living within your means. Whatever it takes to keep your expenses lower than you income is important. Create a spending plan to keep you on track. Plan out your purchases so that you don’t find yourself over-spending. Earn more and spend less.

Part of this process is also building an emergency fund. You need to have assets available to you. Prepare ahead of time so that if you run into financial trouble down the road you won’t be stuck in this place again. This means completely changing your money habits and reforming your relationship with money.

5. Get Professional Help

If you feel overwhelmed, consider getting professional help as you recover from a big money mistake. A good financial planner can help you put together a plan of action. You can also get help from certified, non-shady credit counselors who can provide you with direction and advice. With a little help, you should be able to get back on your financial feet. And hopefully avoid future big money mistakes.

]]>http://feeds.financialhighway.com/~/76993072/_/financialhighway/ray~Tips-for-Improving-Your-Credit-After-Making-a-Big-Mistake/feed/0http://feeds.financialhighway.com/~/76993072/_/financialhighway/ray~Tips-for-Improving-Your-Credit-After-Making-a-Big-Mistake/http://financialhighway.com/getting-money-game-right/Getting Your Money Game Righthttp://feedproxy.google.com/~r/financialhighway/ray/~3/31D6BnSJGIQ/
http://feeds.financialhighway.com/~/76684073/_/financialhighway/ray~Getting-Your-Money-Game-Right/#commentsWed, 15 Oct 2014 11:00:25 +0000http://financialhighway.com/?p=48671While some people manage their money impeccably, most of us are dropping the ball to some degree. Often times, it doesn’t have a serious impact, and we could just stand to be a bit better with our savings or budget a bit more tightly. For those of us really off-track, our poor money habits can […]

]]>
]]>
While some people manage their money impeccably, most of us are dropping the ball to some degree. Often times, it doesn’t have a serious impact, and we could just stand to be a bit better with our savings or budget a bit more tightly. For those of us really off-track, our poor money habits can have serious consequences. If your money issues are nagging at you on a regular basis, there’s a good chance you are in a sticky situation or are quickly headed down that road. Here are just a few tips to get back on track.

Time to Face the Music

This part may be a bit painful, but you really won’t be able to move into a better space financially until you fully face where you are now. You need to bring your money anxieties out into the open—you are aware of them to some degree, but probably haven’t given them too much deliberate thought because that would be really uncomfortable. So, what is bothering you about your current financial situation? Are you worried about your future because you have been contributing very little—or nothing at all—to retirement accounts? Have you racked up a lot of credit card debt and are afraid you’ll never pay it off? Are you afraid you won’t be able to support your family? Do you know your spending is out of control but you can’t seem to break the habit? How much debt do you have? How have you been spending your money? You need to do a thorough combing through of your finances at this point to see what you are dealing with. You have to admit there is a problem; you have to get out of denial.

Ignorance is Not Bliss When It Comes to Money

I think one of the reasons most of us are not as good with money as we could be is sheer lack of knowledge. We just haven’t educated ourselves. So much helpful information is simply not in our awareness, and if it did enter our mental orbit, we can put ourselves on a better financial path. So, start educating yourself about money. If you really understood what making minimum payments was costing you, or how even investing small amounts of money on a regular basis can add up due to the awesomeness of compound interest, you would approach your financial life in a much different way. You don’t need to become an expert or devote your life to the study of finances, but make an effort to learn more. There are lots of great resources—you’re reading one right now. Websites like Banking Sense, Daily Finance, and Kiplinger regularly feature insightful articles about finances, including a recent post about PayPal’s new small business loans program. In the age of the Internet, loads of helpful information is available within seconds.

You Gotta Start Somewhere

When it comes to tackling money issues, many take the stance of not doing anything until they can do it ‘big.’ Just investing a couple of hundred dollars seems so insignificant. Only sending 100 a month to the credit card company seems pointless–might as well just make the minimum payments. We envision some point where we will be able to put huge chunks of money towards these types of goals, and then we will make a move. But, this time has yet to come, and retirement accounts sit empty and your debt has barely budged. You have to start somewhere—just do something that makes you feel like you are finally addressing the problem. It will make you feel really good, and will give you some momentum. Your money habits are not based on genetic code embedded in your DNA—they have become so deeply ingrained, it can certainly seem that way. But ‘being bad with money’ is not something you have been cursed with, it is borne of habits. It can be changed. If you follow these three steps, you are well on your way to changing your money story. You can do it…just make that decision. That is all you really need to do to get the ball rolling.

]]>http://feeds.financialhighway.com/~/76684073/_/financialhighway/ray~Getting-Your-Money-Game-Right/feed/0http://feeds.financialhighway.com/~/76684073/_/financialhighway/ray~Getting-Your-Money-Game-Right/http://financialhighway.com/5-tips-writing-winning-cover-letter/5 Tips for Writing a Winning Cover Letterhttp://feedproxy.google.com/~r/financialhighway/ray/~3/IOiXzcBwfgk/
http://feeds.financialhighway.com/~/76622680/_/financialhighway/ray~Tips-for-Writing-a-Winning-Cover-Letter/#commentsTue, 14 Oct 2014 11:00:40 +0000http://financialhighway.com/?p=35348The job market is tough right now, and that makes it all the more important for you to stand out when applying for a job. One of the best ways to stand out is to write a cover letter that highlights your qualifications, and catches the positive attention of hiring managers. If you want to […]

]]>
]]>
The job market is tough right now, and that makes it all the more important for you to stand out when applying for a job. One of the best ways to stand out is to write a cover letter that highlights your qualifications, and catches the positive attention of hiring managers. If you want to stand out — in a good way — your cover letter is the way to do it. This is often the first thing that a potential employer sees, whether you include it as a hard copy, or send it as an email. Here are 5 tips that can help you write a better cover letter:

1. Know the Audience

Rule #1 whenever you write anything is to know your audience. When you write a cover letter, your audience is your potential employer. Realize that your resume is more about a career. You can tweak it a bit to highlight items for a specific position, but the cover letter is where you show how well you fit in with a specific company and job description. Research your potential employer ahead of time, and pay attention to the job listing so that you understand what the employer is looking for. That way, you can illustrate the ways that you are ideal for the job, the company culture, and everything about the situation. Your cover letter should be tailored so that the reader feels as though you are the right fit.

2. Use Active Language to Highlight Accomplishments

Active language is better than passive language. Use active, results-oriented language to highlight your accomplishments. You need to illustrate your accomplishments, whether you created a successful training program that increased salesperson effectiveness across the company, or whether you were part of an award-winning team. Show yourself as a dynamic team member who gets things done, and you will be more likely to get the interview — and maybe even the job.

3. Include Keywords in Your Cover Letter

What are some of the key words and phrases in the job listing? What are the specialties of your potential employer? It’s important to understand these aspects of a company so that you can include keywords in your cover letter. Pay attention to what’s important to the employer, and then incorporate this information into your cover letter. When a hiring manager scans your cover letter, he or she will notice the important words and phrases. If they match what’s important to the company, there is a better chance that your cover letter will get a second, more thorough reading. When an employer doesn’t see anything relevant while scanning your cover letter, you are likely to have your application immediately trashed. Keywords catch attention and encourage a closer look. And that gives you a better chance to convince the potential employer that you are the right candidate for the job.

4. Let Your Personality Shine Through

More on Careers

Your cover letter is more than a re-hashing of your resume. The point of a cover letter is to allow the potential employer to get to know you and figure out whether or not you would be a good fit. A list of accomplishments and job positions doesn’t really convey that same information. While you don’t want to be unprofessional, you can still let your personality shine through. Share what you learned in a previous position, or how you felt after a specific and relevant accomplishment. You can even include specific information about what you admire about the company, and how you think you would contribute to its culture. This shows that you have thought about working at the company, and that you are interested in contributing in a meaningful way. Your cover letter should provide a glimpse of the kind of person you are beyond your recent job titles and descriptions.

5. Brevity is Your Friend

Your cover letter should be no more than a page. This forces you to skip explanations and back stories and get to the meat of the letter. It also forces you to express yourself dynamically, which can be an advantage. Make it a point to be brief, and to make sure that all the information you share is relevant to the position and the company.

]]>http://feeds.financialhighway.com/~/76622680/_/financialhighway/ray~Tips-for-Writing-a-Winning-Cover-Letter/feed/0http://feeds.financialhighway.com/~/76622680/_/financialhighway/ray~Tips-for-Writing-a-Winning-Cover-Letter/http://financialhighway.com/seven-new-websites-excited/Seven New Websites We’re Excited Abouthttp://feedproxy.google.com/~r/financialhighway/ray/~3/7PQQsmT-5JA/
http://feeds.financialhighway.com/~/75120753/_/financialhighway/ray~Seven-New-Websites-We%e2%80%99re-Excited-About/#commentsMon, 22 Sep 2014 10:00:56 +0000http://financialhighway.com/?p=46965No matter what your background, making a great income, saving money, and managing personal finance are important. With this in mind, we’ve discovered seven websites that can help you become an even more effective money manager. Some are brand new, while others have been newly designed. Here they are, in no particular order. The Minimalists […]

]]>
]]>
No matter what your background, making a great income, saving money, and managing personal finance are important. With this in mind, we’ve discovered seven websites that can help you become an even more effective money manager. Some are brand new, while others have been newly designed. Here they are, in no particular order.

The Minimalists

Prepare to be amazed. These two guys have pared down their possessions, live the way they want to live, and are completely unencumbered by extra stuff. Buying things you don’t need, paying to store and maintain them, and going into debt just to impress others is so yesterday. If you need inspiration, this is an excellent place to get it.

Worthy

While we’re on the subject of getting rid of things you no longer want or need, let’s talk about a great way to make some extra money – maybe a lot of it, depending on what you’ve got lying around the house. Worthy serves as a go-between, connecting those with unwanted jewelry, luxury watches, and other items with professional buyers who want what they’ve got to sell. It’s uncomplicated, quick, and profitable.

DIY

Stop paying people to do easy jobs you can do yourself. DIY helps you save your hard-earned dollars by providing insight into ways to make life more exciting while doing away with unnecessary expenditures. Whether you want to fix a bike, make your own clothes, or make some extra money selling stock photos online, DIYcan help.

CoinDesk

Are you curious about Bitcoin, and wondering how to leverage it? Lots of people want to know more about this new form of money, and CoinDesk is the best place we’ve found to learn about digital currency. With Bitcoin news, informative charts, and loads of insight, this is a great place to find out about Bitcoin, learn more about how it works, and gain insight into using it.

The World Economic Forum

Whether you work from the comfort of home, occupy high-rise office space, or enjoy the freedom of a job outdoors, the world’s economic state affects you. Check out the World Economic Forum for up to the minute news that influences the planet’s financial climate.

Business Insider

A big, robust site with a little something for everyone, Business Insider is a site not to miss. Whether you’re concerned about making more money, saving for the future, or investing in companies that matter, you’ll find loads of information here. The site even has some fun time-wasters for those times when you need to de-stress.

LearnVest

If you’re or an everyday Jane or Joe with questions about finance, head to LearnVest for quick, easy lessons about managing your money. Get insight into the psychology of money, get advice about handling your 401(k), and enjoy a selection of recipes that give you high-end flavour on a fast food budget. This site has something great for everybody. Don’t miss it!

]]>http://feeds.financialhighway.com/~/75120753/_/financialhighway/ray~Seven-New-Websites-We%e2%80%99re-Excited-About/feed/0http://feeds.financialhighway.com/~/75120753/_/financialhighway/ray~Seven-New-Websites-We%e2%80%99re-Excited-About/http://financialhighway.com/10-great-ways-generous-budget/10 Great Ways to Be Generous on a Budgethttp://feedproxy.google.com/~r/financialhighway/ray/~3/EOf-VdV_bts/
http://feeds.financialhighway.com/~/72949446/_/financialhighway/ray~Great-Ways-to-Be-Generous-on-a-Budget/#commentsMon, 25 Aug 2014 11:04:07 +0000http://financialhighway.com/?p=32532Love to be generous with your friends and family? Tired of having the gift giving and “chipping in” budget be out of control when you are scrimping and saving in every other area? It can be hard to have finally carved out the time and money to go have a little fun and have the […]

]]>
]]>
Love to be generous with your friends and family? Tired of having the gift giving and “chipping in” budget be out of control when you are scrimping and saving in every other area? It can be hard to have finally carved out the time and money to go have a little fun and have the “call” come in. Following are some ideas to continue the tradition of generosity that don’t necessarily involve cash or driving your budget into the ditch.

Find a great unlimited calling plan and a super communications package in general.

There are plenty of land line calling plans out there that offer unlimited North American calling for a nominal fee. Ours even includes a few European countries. Pair that with a slamming cell phone plan and great internet options like instant messaging, internet calling and of course, email. There are plenty of ways to offer support that don’t involve writing a check. Electronic cards, calling to brainstorm ideas or offer condolences, or just touching base with your friends and family on a regular basis to share the love are all more than worthy.

Trust me, if you have a friend in crisis that needs you to spend that two hours on the phone with them to help them through a rough time, it’s worth every penny of your calling plan to be there for them if they don’t feel comfortable talking with anyone else. Bonus? You’re shelling out a particular amount each month for the calling plan so it provides a consistent line item in your budget plan. Gotta love that!

Develop DIY gifts.

Dry mixes in a jar, building a picnic table, planting a flower garden, a car tune up, mending, making someone’s favorite dinner, dropping off a casserole during a sickness or family crisis . . . it’s not all homemade tea cozies in this category.

Be better at bartering.

This may seem like an odd item to include in a list of generosity ideas, but bear with me. What if you have a friend or colleague who you respect who is trying to get their business off its feet? Rather than charging them, or giving something valuable from your service list away that will leave you feeling out of balance, consider letting them swap services. A custom paint job on their store front sign for a full body hot stone massage for example. Then you also get to be one of the people that can give a testimonial on their brochure. And they get to feel professional rather than like a charity case.

Give the gift of time.

This relates a bit to the first one, but could also involve stopping by to hold someone’s hand during a chemo treatment, sitting with them while they wait for someone to come out of surgery, consulting with them in an area where they may need some assistance with business, investing, etc. Even exercising a little patience with someone who you find challenging can be a huge gift in certain circumstances.

Choose charitable investing.

Kiva.org is one option, but certainly not the only one. For an initial modest donation, you can have an account that keeps on giving long term. When the only thing standing between someone in a third world country and their ability to provide for their family is a $12 fire-heated iron or a machete, most people in North America can find the extra funds to help out.

Pick your gift purchases with precision.

By making careful choices about which items a person will truly need or love, you can make sure the gift does not go to waste. When it comes to my parents for example, I know that a restaurant gift card or a case of flavored agave nectar will always be used and appreciated. Gift certificate for a couple’s pedicure? Not so much.

Be there.

Honestly. Just be there. During a major family crisis, if you’ve flown thousands of miles to be there and paid countless dollars in travel costs to offer support, should anybody give a damn if you have flowers in your hand? It’s nice if you do of course. But if you can’t, and they don’t understand . . . maybe you need to rethink your relationship with that person or group of people.

Stick to your budget guns.

Again, this is another item that may seem odd to include on a list of generosity ideas. However, I’m struck by something I once heard Suze Orman say during a television interview. By giving in when your conscience is telling you not to, what you are really sharing is the poverty cycle. Her example related to a family that kept giving in to a financially irresponsible sister.

However, I think it can apply to generosity as well. Think about what funds you’ll have available if you keep giving frivolous high-cost items and then a crisis comes up that you feel is mandatory to write a check for as a show of support. Funeral, the surgery of a child in the family, the winter coat of a niece or nephew whose parents might have hit a financial road block . . . you get the picture. Makes an extra waffle iron seem not so important, huh?

Set a dollar amount or range for incidental gifts.

This of course will be a personal decision based on where you are financially and what your goals are. But there are lots of ideas out there for affordable gift giving, whether you are looking for hostess gifts, just – because presents, political contributions, birthday ideas for children, or a romantic anniversary. The important thing is to stick to your agreed-upon range, whether it’s five dollars, fifty, or more.

Pick a pet charity.

Or two. Or three. The point is, having a set location where you channel your charitable gifting monies can not only help you determine a specific amount to contribute according to your budget, it gives you a framework to refer to and rely on when those unexpected solicitation calls come in. Politely declining yet stating that you’ve already given to a charity you’ve chosen to consistently support can often get them off the line. If they ask for your support as well and you really feel you want to but can’t afford to write a check, consider starting a free blog with money saving ideas and fund raising suggestions. Then refer them to it. If they don’t appreciate your efforts, you’ve at least made an effort for which you can feel proud. The rest of the responsibility still lies with them.

Well folks, these are my top ten. I’ve tried to make them as flexible as possible to meet a variety of budgets and giving styles. As always, if you have additional ideas or comments . . . share the love!

]]>http://feeds.financialhighway.com/~/72949446/_/financialhighway/ray~Great-Ways-to-Be-Generous-on-a-Budget/feed/0http://feeds.financialhighway.com/~/72949446/_/financialhighway/ray~Great-Ways-to-Be-Generous-on-a-Budget/http://financialhighway.com/5-current-financial-decisions-can-ruin-retirement-future/5 Current Financial Decisions that can Ruin Your Retirement Futurehttp://feedproxy.google.com/~r/financialhighway/ray/~3/Civ5i2obPMo/
http://feeds.financialhighway.com/~/71823981/_/financialhighway/ray~Current-Financial-Decisions-that-can-Ruin-Your-Retirement-Future/#commentsWed, 13 Aug 2014 11:00:52 +0000http://financialhighway.com/?p=28973As humans, we sometimes have a hard time looking to the future and preparing for what could happen. The result is that, all too often, the things we do now negatively impact the future. This is true of financial decisions as well as other choices we make. For many of us, a comfortable retirement is the […]

]]>
]]>
As humans, we sometimes have a hard time looking to the future and preparing for what could happen. The result is that, all too often, the things we do now negatively impact the future. This is true of financial decisions as well as other choices we make.

For many of us, a comfortable retirement is the financial end goal. However, the things you do right now might be keeping you from that goal. Here are 5 financial decisions that could be undermining your retirement future:

1. Putting Others First

Our society puts value on selflessness, but it’s not always a good thing — at least when it comes to your retirement. If you are putting money into your child’s education savings account instead of your own retirement account, you might be setting yourself up for failure. Figure out your retirement needs and make sure you are meeting those before you contribute to your child’s education, or before you get too carried away with charitable contributions. You will have a better capacity to be generous your whole life if you get your own finances in order first. You can’t help others if you’ve backed yourself into a financial corner; instead, you wind up a burden on your loved ones.

2. Borrowing from Your Retirement Account

Sometimes, it’s tempting to take money out of your retirement account. You might feel like there’s an emergency, or you just might want the cash. This can undermine your retirement efforts if you aren’t careful. Even if you repay the money you took from your account, you can’t replace the time that the capital could have been earning interest. Don’t underestimate the cost of lost earning opportunities. Try to avoid borrowing from your retirement account if at all possible.

3. Paying High Fees

The fees you pay can cost you as much as $150,000 or more over a lifetime — at least that’s the number in the United States for those who overpay on their 401(k)s. However, the same rule can be applied no matter where you live. If you pay high fees for retirement account management, you will be losing out.

Other high fees might include high brokerage fees, and the fees you pay for frequent trading. Look over the fees you are paying related to your retirement savings, and you might be surprised at how much you are missing out on — and how much it might be impacting your long-term retirement prospects.

4. Being Too Risk Averse

None of us likes the idea of losing money. However, it is possible to be too risk averse when you are planning for retirement. Recent stock market crashes have scared investors, but the reality is that, over decades, stocks have yet to lose. Historically, stocks, especially if you rely on index funds, are the best way to build long-term wealth without taking on unreasonable risk.

If you keep all of your money in “safe” low-yield assets like bonds, GICs, and cash, you probably won’t build up a nest egg capable of resulting in a comfortable retirement. In fact, inflation may erode your real returns to a point where the risk is that you actually lose out.

Take a look at your asset allocation, and your risk tolerance, and determine if you are being too risk averse. It might be time to add a few more low-cost stock funds to your portfolio.

5. Not Taking Advantage of Tax Benefits

More on Retirement

The government offers you the chance to save for the future with the help of accounts that grow tax-deferred and tax-free. Whenever possible, take advantage of these accounts. Your money grows more efficiently over time, since you are receiving a benefit. RRSPs and TFSAs (and IRAs, 401(k)s, and their Roth versions in the United States) are great places to start. Take a look at your options, and use these accounts as much as you can.

You might be surprised at how taxes can erode your long-term wealth, and cause problems with your retirement. Use tax-advantaged retirement accounts to boost the efficiency of your savings.

Look ahead to your retirement. Make a plan, and invest for retirement. The more you save now, the better off you’ll be later. Don’t sacrifice your retirement future.

]]>http://feeds.financialhighway.com/~/71823981/_/financialhighway/ray~Current-Financial-Decisions-that-can-Ruin-Your-Retirement-Future/feed/0http://feeds.financialhighway.com/~/71823981/_/financialhighway/ray~Current-Financial-Decisions-that-can-Ruin-Your-Retirement-Future/http://financialhighway.com/5-ways-poor-credit-can-cost/5 Ways Poor Credit Can Cost Youhttp://feedproxy.google.com/~r/financialhighway/ray/~3/F6iPAnZAZpY/
http://feeds.financialhighway.com/~/71237567/_/financialhighway/ray~Ways-Poor-Credit-Can-Cost-You/#commentsWed, 06 Aug 2014 11:00:45 +0000http://financialhighway.com/?p=28982Your credit is one of the most important aspects of your finances. Your credit situation can mean savings — or costs. In fact, poor credit can cost you significantly. And the costs aren’t always in terms of money. While the most obvious costs of poor credit are financial, you also have to watch out for […]

]]>
]]>
Your credit is one of the most important aspects of your finances. Your credit situation can mean savings — or costs. In fact, poor credit can cost you significantly. And the costs aren’t always in terms of money. While the most obvious costs of poor credit are financial, you also have to watch out for some of the other costs of bad credit.

Here are 5 ways that poor credit can cost you, financially and in other ways:

1. Pay More In Interest

Anytime you borrow money, you are required to pay interest. When someone lends you money, the goal is to earn, and that means that they charge you an interest rate. However, the interest you are charged is usually based on your credit rating.

Poor credit means that you present a bigger risk of not repaying the loan. The lender could lose some of the money it has put up. In order to mitigate some of that risk, you are charged a higher interest rate if you have poor credit. On a short-term loan of two or three years, the extra you pay might amount to a few hundred dollars. For long-term loans, though, like home loans, you could pay tens of thousands of dollars extra because of your poor credit.

2. Higher Insurance Premiums

In some cases, you might pay higher insurance premiums because of your low credit. Some studies link poor credit to other risky behaviors, such as car accidents. Your low credit could, in some instances, result in a higher insurance premium. This means that you could very well pay an extra $20 to $75 each month because of your poor credit. Over time, that can add up to quite a lot.

3. Inability to Access Some Products and Services

Your poor credit might actually cost you in terms of opportunities to get products and services. If your credit is poor enough, you might not qualify for a cell phone service. You might want a specific credit card to help you get back on track or ease your cash flow, but you might not qualify because of your poor credit.

In some cases, a bank will check your credit before allowing you to open an account. If you have poor credit, you might be denied a checking account or a savings account. You might have to use costlier services, such as check-cashing services, or prepaid debit cards. These can lead to fees that can cost you more than $100 a year. Over time, that adds up and your poor credit can mean that you are stuck in a financial services rut that is hard to get out of.

4. You Might Not Get Certain Jobs

Your credit history might be used as part of a background check for certain jobs. If you are applying for a job that involves access to sensitive information, or requires financial knowledge, your bad credit can be a hindrance. An employer might worry that you can be bribed to share sensitive information or participate in corporate sabotage. In some cases, there might be a concern about embezzlement. In any case, your financial situation could raise red flags with some employers and cost you a higher-paying job or a promotion.

While employers aren’t supposed to check your credit score, the story that your report tells might be enough to cost you a good job. This can be frustrating, especially if you are otherwise qualified.

5. Your Relationships Can Suffer

More on Bad Credit

In many cases, the things that come with poor credit — or that cause poor credit — add stress to your life. When you have a lot of debt and poor credit, and when you are worried about your financial situation and all the extra costs you are paying, it’s hard to maintain healthy relationships. Your stress and anxiety can make you irritable, and you might be reluctant to share the full extent of the situation with a significant other.

In these cases, relationships suffer. Whether you yell at your kids more, or keep secrets from your spouse, it’s not healthy for your relationship. Your mental and emotional health can also deteriorate as a result of the stress related to poor credit. If you aren’t careful, you could end up with costs that are even greater than the financial.